Page 16 - Jonathan Gotcher Sellers Guide

A AR RI IZ ZO ON NA A' 'S S " "G Go oo od d F Fu un nd ds s" " L LA AW W

Arizona law requires that escrow agents not disburse money from an escrow account until funds
related to the transaction have been deposited and are available.

PIONEER TITLE'S GUIDELINES CONCERNING THE AVAILABILITY OF FUNDS

All availability dates are based on funds deposited in our bank. The following information
outlines the availability of most common types of deposited.

Type of Deposit Same Next Day * 2 nd 5 th
st
Day* (1 Business Day) Day* Day*
Bank Wire, Electronic Payment or Transfer X
Cashier’s, Certified and Teller’s Checks X
Official Checks, Drawn on Local ** FDIC Institution X
Official Checks, Drawn on Non-Local and/or Non-FDIC X
US Treasury Checks, US Postal Money Orders X
All other Money Orders (Non-US Postal) X
Federal Reserve, Federal Credit Union & Federal Home X
Loan Bank Checks
Local ** State, County, Municipal Gov’t Checks (Must X
be In-State and Local**)
Non-Local, State, County, Municipal Gov’t Checks (5 Day) X
th
Local ** Checks including: Personal, Corporate, Credit X
Union, Money Market & Traveler’s Checks
Non-Local Checks including: Personal, Corporate, Credit X
Union, Money Market & Traveler’s Checks
On-US Checks *** X
Third Party Checks: It is our company policy not to accept third party checks. Exceptions must be approved by
Escrow Administration
Drafts: No disbursement until funds received

* Business Day: Funds are potentially available on the *Business Day
indicated above. A business day is defined as a calendar day other than
Saturday and Sunday and excluding most major holidays. If January 1 ,
st
th
th
th
July 4 , November 11 or December 25 fall on a Sunday, the next Monday
is excluded from the definition of a business day. Note that individual banks
may require additional "hold" periods longer than shown above.
** Local: A Check is considered "local" when it is drawn against a bank located
in the same processing region as the depository bank. The check-
processing region for the State of Arizona is
the Los Angeles Region. Any check with a four-digit ABA Number beginning with "12" or "32" is
"local".
*** On-US Checks: Next day availability is dependent on the check being drawn
against the same bank or branch as the depository bank and in the same
check-processing region, meaning the ABA
numbers must begin with "12" or "32".

Pioneer Title Agency

COMMITMENT TO SERVICE

Page 14